IATA downgraded its 2018 profit forecast for the global airline industry, projecting airlines will collectively earn $33.8 billion this year, down 12% from the $38.4 billion predicted in December 2017. Fuel costs are much higher than IATA expected when it made its previous forecast six months ago, with Brent Crude oil prices averaging more than $76 per barrel as of June 4. Fuel costs are “quite a big challenge and that’s the principal reason we’re forecasting a squeeze on ...

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